Current Inflation Rate 2024 Canada. Canada inflation rate for 2021 was 3.40%, a 2.68% increase from 2020. The inflation rate year over year is 2.0% (compared to 2.5% for the previous.

 — since central banks around the world swiftly increased interest rates, inflation in canada has come down from its june 2022 peak of 8.1 per cent to 2.8 per cent in february 2024.  — the current inflation rate in canada is 1.95%, which is calculated based on cpi (consumer price index) values for the last 12 months ending in august 2024.